The U.S. Treasury Department, Internal Revenue Service (IRS), and the U.S. Department of Labor (Labor) announced that small and midsize employers can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees. This relief to employees and […]
Coronavirus-related Paid Leave Read More »
Here’s how tax reform affects taxpayers who claim the child tax credit Many people claim the child tax credit to help offset the cost of raising children. Tax reform legislation made changes to that credit for 2018 and later. Here are some important things for taxpayers to know. Credit amount. The new law increases the child tax credit
The proposed regulations, available today in the Federal Register, implement several provisions included in the Tax Cuts and Jobs Act (TCJA), The 100-percent depreciation deduction generally applies to depreciable business assets with a recovery period of 20 years or less and certain other property. Machinery, equipment, computers, appliances and furniture generally qualify. The deduction is
Treasury, IRS issue proposed regulations on new 100 percent depreciation deduction Read More »
Taxpayers who discover they made a mistake on their tax returns after filing can file an amended tax return to correct it. This includes things like changing the filing status, and correcting income, credits or deductions. Here are some tips for taxpayers who need to amend a tax return. Complete and mail the paper Form 1040X,
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IRS offers guidance on recent 529 education savings plan changes WASHINGTON — The Internal Revenue Service and Department of the Treasury today announced their intent to issue regulations on three recent tax law changes affecting popular 529 education savings plans. Notice 2018-58, addresses a change included in the 2015 Protecting Americans From Tax Hikes (PATH)
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It’s that time of the year again for seasonal work and summer jobs. The IRS is providing the small business and self-employed community some helpful tips to work now and avoid tax issues later: Worker classification matters. Business owners must determine whether summer workers are employees or independent contractors. Independent contractors are not subject to withholding,
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Taxpayers who filed for an extension of time have until Oct. 15 to submit their tax return. To make sure they meet their tax obligations, taxpayers should file accurate tax returns. If a taxpayer makes an error on their tax return, it will likely take longer to process and could delay a refund. Taxpayers can
Extension filers can avoid making these common filing errors Read More »
Reminder for extension filers: Oct. 15 is just around the corner Monday, October 15, 2018, is the extension deadline for most taxpayers who requested an extra six months to file their 2017 tax return. For taxpayers who have not yet filed, here are a few tips to keep in mind about the extension deadline and
Reminder for extension filers; Oct. 15 is just around the corner Read More »
Everyone should know how the IRS contacts taxpayers. This will help people avoid becoming a victim of scammers who pretend to be from the IRS with a goal of stealing personal information.Here are some facts about how the IRS communicates with taxpayers: The IRS doesn’t normally initiate contact with taxpayers by email. The agency does
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Veterans owed refunds for overpayments attributable to disability severance payments should file amended returns to claim tax refunds WASHINGTON — The Internal Revenue Service today is advising certain veterans who received disability severance payments after January 17, 1991, and included that payment as income that they should file Form 1040X, Amended U.S. Individual Income Tax Return,
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